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The 2015 Trading Technology 40: Billy Hult

#14 Billy Hult, President, Tradeweb Markets

14
Billy Hult
President
Tradeweb Markets

In mid-2013, Tradeweb Markets was one of the first to apply to the Commodity Futures Trading Commission for permission to open swaps execution facilities under provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. With more than 20 SEFs in the mix — including two operated by Tradeweb — a shakeout is considered inevitable. But Tradeweb has proved its mettle, claiming a 40 percent share of buy-side SEF activity for interest rate swaps at year-end 2014, up from 10 percent a year earlier. “The tremendous work we’ve put into our SEFs has paid dividends, and we have distinguished ourselves as one of the leading players,” declares Billy Hult, president of New York–based Tradeweb. Related to those efforts, Tradeweb has executed more than $700 billion in compression trades, in which investors and fund managers net out their positions to reduce risk. Since pioneering e-trading of U.S. Treasuries in the late 1990s, Tradeweb, now majority-owned by Thomson Reuters, has grown into a leading global fixed-income and derivatives platform. Hult, 45, who joined the company in 2000 from Société Générale and has been president since 2008, is spearheading an effort to crack the U.S. corporate credit market, a stronghold of MarketAxess Holdings (see Nicholas Themelis, No. 15). Last year Tradeweb introduced the first phase of its offering for round- and odd-lot corporate bond transactions in the U.S. High-yield and emerging-markets products are coming next. “We are doing everything to be a real competitor in this space,” Hult says. “We are extremely conscious of the patience needed to wind up succeeding in the right way.”

See also Hult's profile in the 2013 Trading Technology 40.

The 2015 Trading Technology 40

1
2
3
4
5
Kevin Kometer
CME Group
Richard Prager
BlackRock
Raymond Tierney III
Bloomberg Tradebook
Jonathan Ross
KCG Holdings
Charles Vice
Intercontinental Exchange
6
7
8
9
10
Chris Isaacson
BATS Global Markets
Bradley Peterson
Nasdaq OMX Group
Brad Levy
MarkitSERV
Dan Keegan
Citi
Ronald DePoalo
Fidelity Institutional
11
12
13
14
15
Gerard Beatty
Goldman Sachs Group
Gerald O'Connell
CBOE Holdings
Brenda Hoffman
TMX Group
Billy Hult
Tradeweb Markets
Nicholas Themelis
MarketAxess Holdings
16
17
18
19
20
Bina Kalola
Bank of America Merrill Lynch
Gil Mandelzis
EBS-BrokerTec (ICAP)
Steven Randich
Financial Industry Regulatory Authority
Jerry Dobner
GFI Group
Michael Liberman
BlueMountain Capital Management
21
22
23
24
25
Bill Chow and Richard Leung
Hong Kong Exchanges and Clearing
Jamie Selway
Investment Technology Group
Brad Katsuyama
IEX Group
John Mackay (Mack) Gill
MillenniumIT
Jamil Nazarali
Citadel Execution Services
26
27
28
29
30
Robert Cornish
International Securities Exchange
Tyler Moeller andJoshua Walksy
Broadway Technology
Rishi Nangalia
REDI Holdings
Manoj Narang
Tradeworx,
Thesys Technologies
Oki Matsumoto
Monex Group
31
32
33
34
35
Alasdair Haynes
Aquis Exchange
Veronica Augustsson
Cinnober Financial Technology
Stu Taylor
Algomi
Luís Otávio Saliba Furtado
BM&FBovespa
Tal Cohen
Chi-X Global Holdings
36
37
38
39
40
Donal Byrne
Corvil
R. Cromwell Coulson
OTC Markets Group
Alfred Eskandar
Portware
Richard Korhammer
SR Labs
Hazem Dawani
OptionsCity Software


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